Ketchup maker HJ Heinz said today quarterly net earnings fell sharply as higher costs and special items cut into results.
The Pittsburgh-based company said it earned $102.6 million compared to $223.5 million in the same period a year earlier.
In December, Heinz spun off its tuna, private-label soup, pet food and baby food units to its shareholders and, in a stock transaction, merged them into a newly structured Del Monte. Heinz shareholders control most of the new entity.
Sales from continuing operations in the fourth quarter rose 6 per cent from a year earlier, to $2.19 billion, partly on strong international results.
Price increases in North America offset lower volume in some US frozen food brands, Heinz said.
